Bobby never said he owned it. He didn't have hidden agendas going into the competition.

Billy says he owns it. Billy did have a hidden agenda.

Bobby at least owns a lot more than 0.04% of the company.

Had Billy hired the coders to do the work and say I own the company, I have no problem with that. But here, Billy tricks people to work on a project without fully disclosing his intention for virtually free, and than he claims he owns the company.

It's pretty clear who's wrong and who's right.